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60
The Australian Industry Group Exporters Guide 2017--2018
FOCUS ON AUSTRALIA'S GROWTH MARKETS
Key markets at a glance:
India
Why India? Opportunities for Australian
businesses
India is one of the two 'giants' of Asia, and one
of the world's fastest-growing economies. It is
also a democracy -- the largest in the world --
and it has one of the world's oldest and most
diverse civilisations. Yet, for all its outstanding
attributes as a nation -- and as a place for
outsiders to consider investing and doing
business -- India is still not quite in the same
stratosphere as other Asian giants, such as
China, when it comes to economic
drawing power.
But the gap is surely closing. With a rapidly
growing population of more than 1.2 billion,
India is expected to overtake China as the
world's most populous nation within
a decade. It may be a lot longer than that
before China's economic supremacy in the
region is challenged. But if there is a single
serious long-term rival to China as an economic
powerhouse in Asia, it is India.
Consider some key facts:
» India was the world's seventh-largest
economy in 2015, with a gross domestic
product (GDP) of just over US$2 trillion.
» With GDP predicted to continue growing at
more than seven per cent, India has been
forecast to jump two places to become the
world's seventh-largest economy by the end
of 2015, overtaking Brazil and Italy.
» On the alternative measure of purchasing
power parity, India is predicted to replace
the United States as the world's second-
largest economy by 2050.
» Household incomes in India are steadily
increasing, creating a burgeoning population
of middle-class consumers that will reach 583
million in 2025.
» India's middle-class population is expected
to soar to about 200 million by 2020,
generating huge demand for high-quality,
protein-rich foods, as well as numerous